When GST comes, petrol 75 and diesel will be Rs 68 - SBI report


Posted on 6th Mar 2021 02:59 pm by rohit kumar

Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.

 

Petrol and diesel fall in GST, 0.4% loss to GDP

 

Did you know?Explore Trending and Topic pages for more stories like this.

Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.

 

Saudi Arabia turned down India's request

 

Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.

 

Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.

2 Like 0 Dislike
Previous news Next news
Other news

Awantipora Encounter: One terrorist killed in Awantipora encounter, security forces killed 8 terrorists in three days

Security forces are raining havoc on terrorists in the Kashmir Valley. A terrorist has been kille

'Then America will be destroyed...', Trump's anger erupts in a US court over tariffs

Since coming to power in January 2025, Trump has given the slogan of 'Make America Great Again' (

America returned 307 antiquities to India, smuggled after theft

Antiquities Returns: The heritage stolen from India years ago has now returned to the country. Sh

Population Control Law: How much does the country need a population control law, what will change with its coming? Learn everything in 10 points

Union Minister Prahlad Patel said that soon a law will be brought for population control. Patel s

UP Board: The wait is over, the results of 42080 students of Noida and 52934 of Ghaziabad will be released today

UP Board 10th, 12th Result 2023: 42,080 students of the district have given the board exam. This

King Khan on Russell's dance: Russell danced fiercely in the field after KKR's victory, SRK said – I want to dance like this too

Pat Cummins gave Kolkata Knight Riders a thumping win over Mumbai Indians with scintillating inni

Thailand and Cambodia agreed on an immediate, unconditional ceasefire; the war had been going on for 5 days.

A ceasefire has finally been declared on the conflict between Thailand and Cambodia that has been

Tomato Flu: Tomato flu is not related to corona, monkeypox, dengue, or chikungunya, Center sent an advisory to states

The Center has sent an advisory to the states on HFMD (Hand Foot and Mouth Disease), commonly kno

Pant vs Dhoni in IPL: The new captain of Delhi filled the hunk, said - I will use against the maneuver learned from Mahi Bhai.

Rishabh Pant is heading the Delhi Capitals in the 14th season of IPL. His first match is on April

Prophet remarks row: Kuwait's big action on the protesters will deport the migrants who participated in the demonstration

Instructions have been issued to arrest migrants from the Fahheel area who demonstrated after Fri

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash